GBP/USD back below the 1.25 level on the Daily Chart

a-4GBP/USD (current price: 1.2391)

There were no important releases coming out from the U.K. on Monday, and the pair closely followed international trends throughout the day. The U.S. Flash Service PMI came in at 53.4, missing the expected reading of 55.2. The hawkish speech of FED-Chair pushed the pair lower in the second half of the day. The pair hit another short-term extreme, retaining its slight relative weakness yesterday. Volatility is expected to decline in the cross later on this week, as the Christmas weekend gets closer.

Our assessment: GBP/USD is still just above the multi-decade lows near the 1.20 level. The 1.2350 support and the 1.25 resistance level could remain in the spotlight this week.

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